HTX Ventures announced an investment in Monad Labs to promote innovation in the parallelized EVM ecosystem

ChainCatcher news, HTX Ventures announced a strategic investment in Monad Labs. The collaboration between the two parties will drive innovation in the Web3 ecosystem. It is reported that Monad Labs raised $225 million in this funding round, with a valuation of $3 billion, led by Paradigm, with participation from investment firms such as HTX Ventures, Electric Capital, and Castle Island Ventures.

Monad Labs is a tech startup founded by a former team from traditional finance giant Jump Trading, aimed at building a scalable smart contract distributed ledger. Monad Labs is committed to building a layer one blockchain to challenge competitors like Solana and Sui. The Monad blockchain is set to launch its testnet in the coming months, with plans to deploy the mainnet later this year.